NF printed 4IB down triple distribution trend day in last session.Observation was that structure suggesting it could be inventory adjustment break..Sellers if not committed with value below last session then expected to balance back to refill TDD profile.NF started moving down at open but had a strong response from buyers via open test drive up which tested large extn singles of last session then gone for balance to close at dPOC.
Large buying tail today shows presence of buyers.They should hold now swing wise to overlap and skew higher in coming sessions.
Short covering P profile..As long as today tail holds and we accept above PDH, more such short covering possible.
Still one time framing down..7th day now.
dpoc skew at close and NF closed there..Advantage buyers and they need drive/gap after such profile and dPOC skew..Failing to do so overlap in today value area/test buying tail of the day then bounce possible..
Buyers should defend 18540 or 18510 and look for moving higher to repair value area if we open inside value area..If gap means then should sustain above POC 18600 zone to scale PDH then sustain and look for filling remaining part of 09th profile tlll 18720-18740 zone.Sellers should defend PDH zone and push it down towards 18540/18510/18480 and quite weak if that goes..
Swing Long triggered above 18590.Considering today's tail, prefer to keep negation at 18460 to look for 18650/18720 and once moves there negation can be moved to 18520.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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